What we do observe is the CPI, and that does have both online and bricks-and-mortar prices in it. We observe this. Since we know that online prices would be putting downward pressure on bricks-and-mortar prices, that would be already embedded in the CPI as that competition effect feeds through. When we talk to [Technical difficulty—Editor] in our surveys, they tell us that, yes, they are feeling downward pressure on their prices from online competition, so that is captured to some extent.
On October 18th, 2018. See this statement in context.